I talked to my "tax guy" who has works with a lot of traders including folks trading cryptocurrencies and he said that income on cryptos should be reported as general income, not capital gains. So, likely much higher than the 15% long term capital gains. Lots of details still to work out obviously but I think most people would say its best to play it safe to avoid getting caught completely offguard down the line.
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Hey man thanks for the knowledge. Have you read any of the stories on Coindesk of regular people buying Bitcoin off of an exchange then selling them for profit to people at Buylocalbitcoins.com, getting heavy prison sentences for not registering for " transmitting money without a license", or "transmitting money on an unlicensed exchange". If so what are your opinions on those sentences when the rules are so vague?